Bill > A5378

Here is a summary of the bill: This bill modifies several aspects of New Jersey's economic development incentive programs, with a particular focus on the Cultural Arts Incentives Program. The bill makes several key changes, including expanding the definition of a "cultural arts institution" to include additional types of organizations like museums honoring veterans and nonprofit organizations associated with the National Park Service. It adjusts the application and review process for tax credits, moving from a strictly competitive annual round to a more flexible rolling review process. The bill allows for tax credits to potentially cover up to 100 percent of eligible project costs for cultural arts projects, with a maximum of $75 million per project. The legislation also removes references to the Community-Anchored Development Program, effectively eliminating that specific incentive program. Additionally, the bill provides more flexibility for cultural arts institutions in meeting employment and community service requirements, and establishes provisions for how tax credits can be transferred or used. The changes are intended to make the Cultural Arts Incentives Program more adaptable and supportive of cultural and artistic development across New Jersey, while maintaining oversight and ensuring meaningful economic and community benefits.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A5378